Fortissimo Capital has led a $15 million financing round in US-Israeli 3D imaging for orthodontics developer Cadent Ltd.. The company is headquartered in New Jersey and has an R&D center in Or Yehuda.
Cadent has raised $60 million since it was founded in 1995. Investors include Apax Partners, Pitango Venture Capital, JP Morgan Partners LLC, Goldman Investments Ltd., Star Ventures, Kreos Capital, and Schroder Ventures Life Sciences Inc.
Cadent raised $25 million in its previous financing round, its fifth, in 2005.
Cadent has been growing by over 50% a year, and IVC online reports that it had $35 million revenue in 2008.
Cadent's 3D imaging systems replaces the old-fashioned plaster models used in orthodontics procedures. The CAD systems provide accurate placement of bridges, braces, and implants, and can image how the mouth will look after the procedure.
Cadent CEO Terence Gunning said, "The capital raised will enable the compny to jump-start its growth and bring its products to more markets worldwide." He added that the company's products had already been used in 1.7 million procedures worldwide. "90% of orthodontists who use digital products use our products and services, including 15% of orthodontists in the US."
Fortissimo Capital partner Yochai Hacohen said, "We invested in Cadent because of its ability to change the dental care market and provide better treatments for patients through its 3D imaging systems."
Apax Partners partner and Cadent director Amos Goren added that the company had very high growth rates since launching its second product in 2006 and that the financing round would enable it to maintain momentum.
Published by Globes [online], Israel business news - www.globes-online.com - on August 25, 2009
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